The supply of stableecoins at Solana jumped 112% in January to a record height of $ 11.1 billion, CCDATA (a subsidiary of Coindesk) said in a research report on Friday.
The wave coincided with the launch of Donald Trump’s Memecoin $ Trump, causing a wave of influx to the network, according to the report. The StableCOin Supply has increased by 73.6% since $ Trump launched on January 18th.
Trade activity around $ Trump resulted in record activity on decentralized exchanges (DEXS) and contributed to stablecoin supply on Solana, surpassed its previous record set in 2022 and became the third largest network behind Ethereum and Tron, based on this metric.
The report also said the market value of all stableecoins has been adopted $ 200 billion after growing $ 37 billion since Trump won the US election in November.
The increase in supply has also collapsed with a fall in the dominance of Tether’s USDT, the largest stablecoin with a market capital of about $ 140 billion. According to CCDATA, its share of the sector dipped from 67.5% to 64.9% in January, the lowest since May 2023.
Such a support recipient of this trend seems to be Ripple’s USD, which became the fourth largest stableecoin at the trading volume of centralized stock exchanges in January, the report said.
Ripple spent much of the last few years locked in a legal match with the US Securities and Exchange Commission (SEC). The “Trump Effect” has helped Native Token XRP jump with 33% for trading in over $ 3.10 this month, and CEO Brad Garlinghouse has also talked about a shock in US-based offer and hiring.
Read more: Grayscale Files SEC proposal to convert XRP confidence to ETF
